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The Indian government is set to endorse Universal Basic Income

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Re: The Indian government is set to endorse Universal Basic Income

#181

Post by surfmike »

jganetsk wrote: post #176
surfmike wrote: post #169

Earlier quoted context omitted.

I initially interpreted the parent to say that employed people don't receive UBI. If they do, it is in fact a UBI but then does not get around the cost issue (I comment about that on a sub thread).

Absolutely it does get around the cost issue. Someone with no income receives just a UBI. They cost the system $20. Someone with non-zero income recives both a UBI and a higher income tax burden. What net impact does that individual have on the cost of the system? If their income is greater than the UBI... the impact might be zero, or negative.

Assuming a 40% tax (no idea what it would actually be in practice), everyone earning less than $50 a month would be a net cost.

As a thought experiment, imagine that you increased the UBI payments so that they took up all the gross income of the country. Now your tax rates are 100%, even though the "net impact" of the redistribution is 0. A smaller UBI is the same concept, just the percent of income distributed is smaller. The bigger the UBI, the larger your tax rates on all workers. As those tax rates reduce the supply of labour, the costs mount even more.

Re: The Indian government is set to endorse Universal Basic Income

#182

Post by surfmike »

jganetsk wrote: post #177
surfmike wrote: post #170

Earlier quoted context omitted.

Great-grandparent comment implied the only cost you need to consider is for unemployed people i.e. that it's free for those who are employed . That's wrong.

That's not at all what the great-grandparent comment said. It was talking about the aggregate cost of the entire system. And the great-great-grandparent was wondering "just where is the money going to come from?" but fundamentally it's not a problem. As long as the total basic income of a country is less than the total income of a country, the latter can be redistributed into the former.

By this argument, if the basic income == the total income of a country, there is still no aggregate cost. Maybe, but I'd argue that such a system would come with huge costs due to the massive increase in taxation.

Re: The Indian government is set to endorse Universal Basic Income

#183

Post by RealGeek »

shripadk wrote: post #179
RealGeek wrote: post #175

Earlier quoted context omitted.

> You shouldn't have kept so much INR with you in the first place. It's my hard earned tax paid money, and its my choice in what form I want to keep it. The currency note says "I promise to pay the bearer the sum of one thousand rupees." The Government and RBI are defaulting on their debt obligation against the promissory note. It is plunder and loot of massive proportion, even Congress wasn't this corrupt. > So it i…

> It's my hard earned tax paid money, and its my choice in what form I want to keep it. Sure you can. But you need to bear the consequences as legal tender does not have unlimited liability (in other words: the debt obligation is not absolute). Because the Section 26, sub-section (2) of the Reserve Bank of India Act, empowers the Union Government on the recommendation of Central Board to declare that "any notes issue…

So now anyone who doesn't worship Modi is anti-national hoarder?

Anyone who have cash for emergency purpose is a hoarder? Is cash illegal?

99% of my money is in bank, less than 1% of it is cash; out of which only a small fraction is INR. I require it for travel and emergency purpose.

Andhi Bhakti is not allowing you think rationally. Good luck with the jumlas, now that Modi has confiscated our money... he is sending you 15 lakhs soon.

Re: The Indian government is set to endorse Universal Basic Income

#184

Post by shripadk »

RealGeek wrote: post #183
shripadk wrote: post #179

Earlier quoted context omitted.

> It's my hard earned tax paid money, and its my choice in what form I want to keep it. Sure you can. But you need to bear the consequences as legal tender does not have unlimited liability (in other words: the debt obligation is not absolute). Because the Section 26, sub-section (2) of the Reserve Bank of India Act, empowers the Union Government on the recommendation of Central Board to declare that "any notes issue…

So now anyone who doesn't worship Modi is anti-national hoarder? Anyone who have cash for emergency purpose is a hoarder? Is cash illegal? 99% of my money is in bank, less than 1% of it is cash; out of which only a small fraction is INR. I require it for travel and emergency purpose. Andhi Bhakti is not allowing you think rationally. Good luck with the jumlas, now that Modi has confiscated our money... he is sending…

You can't factually rebut my answer so you are down to rhetorics.

> So now anyone who doesn't worship Modi is anti-national hoarder?

By all means worship Modi as much as you want and you still won't get your cash back. What you did is sheer stupidity. Keeping so much INR as cash-on-hand in a country where it enjoys no legal status is ridiculous. Even the RBI guarantees apply only if the cash is within the confines of Indian territory. It's jurisdiction does not extend to the United States. That's the reason NRI's have to visit India to exchange cash. This law was made by Modi's predecessors who ruled India for 65 years.

> Anyone who have cash for emergency purpose is a hoarder? Is cash illegal?

Cash outside India is not recognized as legal tender by the RBI. It is not Modi who made that Law. You keep 1% or 10% for so called "emergency purpose" it doesn't matter. Once it is outside India it is as good as a piece of paper.

Which "emergency purpose" does cash become valid outside India? You can't use that cash for anything. It is not recognized as legal tender in USA.

I have never had to keep greater than 10,000 rupees cash-on-hand at any given moment. Even during emergencies. Credit/Debit card is more than sufficient. All hospitals accept Credit/Debit cards. My Credit/Debit card works in any country I travel to. When in India I can use my cards for travel/emergency purpose as well. The only places where I actually need cash is for street vendors and the rare case where I take autos/buses instead of Uber/Ola. I don't need freaking 1.5 lakhs for this. I can do well with a few hundreds. Who are you trying to fool my friend?

> Andhi Bhakti is not allowing you think rationally. Good luck with the jumlas, now that Modi has confiscated our money... he is sending you 15 lakhs soon.

Rationally? You think keeping 1.5 lakhs cash-on-hand is "rational"? If I had so much money as cash-on-hand I would always be a worried man. I wouldn't want to lose it or have it stolen.

There are no jumlas. Your stupidity is the reason you lost that money. I would understand if a chaiwala in India had so much cash-on-hand. That's the reason the Government allowed upto Rs. 2.5 lakhs to be deposited without being questioned (but that will definitely be audited by the tax authorities). But an educated NRI, who is not even living in India, having that much cash is beyond me.

Re: The Indian government is set to endorse Universal Basic Income

#185

Post by RealGeek »

shripadk wrote: post #184
RealGeek wrote: post #183

Earlier quoted context omitted.

So now anyone who doesn't worship Modi is anti-national hoarder? Anyone who have cash for emergency purpose is a hoarder? Is cash illegal? 99% of my money is in bank, less than 1% of it is cash; out of which only a small fraction is INR. I require it for travel and emergency purpose. Andhi Bhakti is not allowing you think rationally. Good luck with the jumlas, now that Modi has confiscated our money... he is sending…

You can't factually rebut my answer so you are down to rhetorics. > So now anyone who doesn't worship Modi is anti-national hoarder? By all means worship Modi as much as you want and you still won't get your cash back. What you did is sheer stupidity. Keeping so much INR as cash-on-hand in a country where it enjoys no legal status is ridiculous. Even the RBI guarantees apply only if the cash is within the confines of…

How much does BJP pay to spread their lies and propaganda?

Re: The Indian government is set to endorse Universal Basic Income

#187

Post by macspoofing »

tornadoboy55 wrote: post #30
macspoofing wrote: post #15

Earlier quoted context omitted.

>That's great, but its just a sedative for the masses. As opposed to the great energy drink of communism?

No, and some difference will always be there. That's healthy - it aspires people to be more. But I'd like it to be more like Star-Trek: people work hard and achieve things for the prestige. If you become captain of a star ship, you're admired, and you (for example) still get more pretty ladies fawning after you than the helm officer. And he does so more than a dude who wants to do nothing but play GTA:XXIV on the Hol…

You think Star Trek is realistic?
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